A Coordination Meeting on the Submission of the Additional Budget of the Union for the 2024-25 Financial Year (FY) took place at the meeting hall of the State Administration Council Chairman Office in Nay Pyi Taw on 20 November, with the attendance of Vice-Chairman of the State Administration Council (SAC) Deputy Prime Minister Vice-Senior General Soe Win, in his capacity as the Financial Commission Vice-Chairman.
During the event, the SAC Vice-Chairman Deputy Prime Minister highlighted the following points:
- Further discussion will be made on the final examination of the budgets of the Union and regions and states conducted by pre-scrutiny committee after checking the different stages of additional budget for the 2024-25 FY submitted by union ministries and organizations.
- The Head of State has given guidance to enforce the rule of law, and develop the transport, education, and health sectors in conducting the measures to ensure the national economic growth. As such, the additional budget of the 2024-25 FY should include expenditures for defence and security measures, development of socioeconomic life of the people, development of agriculture and livestock sectors, smooth transport, development of standardised infrastructure, transport, electric power and energy sectors, education and health sectors for the development of human resources, domestic product production, operation of industries for foodstuffs and consumer goods, employment opportunities, and arrangements for holding the national level MSME expo and contest to turn out skilled workers.
- Relevant ministries and organizations have to prevent the occurrence of unnecessary expenditures through detailed checks. In comparing between the original estimation and approved estimation for the 2024-25 FY, estimated income amounted to more than K31,000 billion in 2024-25 FY and expenses were more than K39,000 billion.
- The approved budget totalled more than K35,000 billion but expenses, more than K41,000 billion. As the approved GDP was K155,543.534 billion, the ratio of the estimated budget to the deficit was 5.17 per cent and the approved budget to deficit was 3.91 per cent.
- Concerning incomes, the income was earmarked to increase K4,070.364 billion in the estimated budget. Hence, the relevant ministries have to earn increased incomes in the coming financial years.
After that, Chairman of the Budget Scrutiny Committee for the Union, Regions and States SAC Member General Nyo Saw and officials of the relevant ministries made sector-wise reports. The Financial Commission Vice-Chairman SAC Vice-Chairman Deputy Prime Minister then coordinated the efforts for necessary requirements.
Also present were SAC Member General Nyo Saw, Union Ministers U Win Shein and Dr. Myo Thein Kyaw, Union Auditor-General Dr. Khin Naing Oo, Deputy Minister U Min Htut and officials. Union level officials, union ministers, deputy ministers and officials joined the meeting through videoconferencing, it is reported.
Source: MWD (21-11-2024)
- The additional budget of the 2024-25 FY should include expenditures for defence and security measures, development of agriculture and livestock sectors, transport and electric power sectors, education and health sectors for the development of human resources, and arrangements for holding the national level MSME expo and contest.
- Relevant ministries and organizations have to prevent the occurrence of unnecessary expenditures through detailed checks. In comparing between the original estimation and approved estimation for the 2024-25 FY, estimated income amounted to more than K31,000 billion in 2024-25 FY and expenses were more than K39,000 billion.
- The relevant ministries need to earn increased incomes in the coming financial years.